NIFTY
Observations:
1) On 1day time frame, it is now near to the 200DMA.
200DMA is placed at 16252.22 level and 100DMA is placed at 17324.55 level.
200DMA will work as major support.
Please refer below chart : 1day Time Frame.
2) On 1 day time frame,we can plot the immediate support 16358-16400 and major support is at 16200 level.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date: 21-12-2021
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
